BUSINESS June 26, 2013 | 4:00 PM
In a bid to expand beyond its network gear sales, Cisco Systems will acquire California-based data virtualization services and software vendor Composite Software for $180 million.
With this deal, expected to close within the first fiscal year quarter of 2014, Cisco will gain products that help companies view data from diverse sources across the network – including cloud environments and big data – in one virtual warehouse.Read more »
BUSINESS June 25, 2013 | 5:38 PM
General Motors Co. (GM) reinforced its pledge to China at its recent groundbreaking for a new Cadillac factory in Shanghai as it aims to target luxury car buyers.
In a market chiefly dominated by such brands as Audi and BMW, GM has made it a priority to increase Cadillac sales in China.Read more »
BUSINESS June 24, 2013 | 5:07 PM
Russia’s OAO Rosneft, the world's largest publicly listed oil firm, has signed a $270 billion deal with China National Petroleum Corp. to double the amount of oil to be shipped to China over the next 25 years as the company shifts from supplying Europe to supplying Asia.
Under the agreement, Rosneft will supply 300,000 barrels per day starting in the second half of the decade, which is in addition to the 300,000 bpd it already supplies.Read more »
BUSINESS June 21, 2013 | 5:01 PM
French network-equipment vendor Alcatel-Lucent Chief Executive Officer Chief Michel Combes plans to sell $1.3 billion in company assets and cut another $1.3 billion in costs in an effort to save the struggling company.
An additional $1.3 billion will be saved by debt refinancing.Read more »
BUSINESS June 19, 2013 | 5:27 PM
USA Today publisher Gannett Co., presently the most widely circulating US newspaper publisher, will buy Dallas-based TV station owner Belo Corp for roughly $1.5 billion, to nearly double its broadcast portfolio from 23 television stations to 43.
The deal would make Gannett the fourth-largest American broadcast group. Gannett would also reach one-third of American households, owning 21 of the 25 most-significant television markets in the US, including stations in fast-growing television markets like Texas and Oregon.Read more »
BUSINESS June 18, 2013 | 10:59 AM
Vendors at the Paris Air Show, the world's largest aerospace event, received $30 billion in orders in three hours, some $10 billion of which were for jumbo passenger jets.
Despite the first-day orders, deals are forecast to be lower than in 2011, the last time the event was held. In addition, announcements made during air shows aren’t always reliable because big orders don’t always coincide with the event and airlines receive large discounts from list prices.Read more »
BUSINESS June 17, 2013 | 3:11 PM
World population is expected to reach 7.2 billion in July and 9.6 billion in 2050, according to the United Nations’ World Population Prospects report.
The world’s population is projected to be close to 11 billion in 2100, depending on birthrates. The majority of the growth up until 2100 will be seen in India, the Democratic Republic of Congo, Ethiopia, Uganda, Nigeria, Tanzania, Niger and the United States.Read more »
BUSINESS June 14, 2013 | 2:25 PM
Developing nations are increasing their investment in renewable energy sources, hoping to decrease dependence on fossil fuel imports, says a report from the United Nations' Environment Program (UNEP) and Paris-based renewables policy organization REN21.
Emerging markets have a higher demand for power than developed nations, and many have more favorable conditions to support geothermal, solar and wind technologies.Read more »
BUSINESS June 13, 2013 | 4:47 PM
The US oil industry reported an increase in output of 1 million barrels per day in 2012, marking the largest-ever yearly rise according to The BP Statistical Review of World Energy 2013, the 62nd annual report by oil giant BP Plc.
The increase is attributed to unconventional oil extraction methods, such as fracking, and caused net oil imports to the US to fall by 930,000 barrels a day, marking a 36% drop below their peak in 2005.Read more »
BUSINESS June 12, 2013 | 4:51 PM
UK-based pharmaceutical giant AstraZeneca is purchasing US respiratory drug specialist Pearl Therapeutics for up to $1.15 billion to add respiratory disease treatments to its portfolio.
Initially, AstraZeneca will pay $560 million and, if specific development milestones are met, up to $450 million will be paid, with another $140 million to be added for sales-related payments.Read more »
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